(AnalyticsInsight) Quantum Computing is slowly becoming a focal point of interest among researchers and technology enthusiasts.
Once we overcome the hurdles in developing and designing a quantum computer, we are left with endless possibilities that these systems can offer. In manufacturing, automobile leaders, Volkswagen, and Daimler are using quantum computers to simulate the chemical composition of electrical-vehicle batteries to help find new ways to improve their performance.
In banking, JP Morgan is exploring the utilization of quantum computing in option pricing. The bank believes that quantum computing has the capability to curtail expenses and accelerate the number of simulations essential to compute the exact option price. In the pharmaceutical sector, companies are leveraging them to analyze and compare compounds that could lead to the creation of new drugs. This is receiving massive uptick due to the COVID-19 pandemic. Also, quantum computing gave birth to a better crypto-security system called quantum encryption. The quantum encryption involves sending entangled particles of light (entangled photons) over long distances in what is known as Quantum Key Distribution (QKD) to secure sensitive communications. Moreover, it is speculated that the RSA and ECC cryptographic algorithms can be broken down by quantum computing in the future.
Using quantum annealing (a type of quantum computing), one can improve the logistics industry in terms of calculation of optimal routes of traffic management, fleet operations, air traffic control, and freight distribution. Further, quantum computing can improve the accuracy of weather forecasting. Director of engineering at Google Hartmut Neven says that quantum computers could help build better climate models that could give us more insight into how humans are influencing the environment. These models also help in determining what steps must be taken to prevent disasters.